Smith-Midland® Corporation Announces Results for the First Quarter 2006MIDLAND, VA. - Smith-Midland® Corporation (OTCBB and Boston Stock Exchange:SMID) announced the company reported total revenue of $6,997,168 for the three months ended March 31, 2006, compared to total revenue of $5,604,456 for the same period of 2005, an increase of $1,392,712, or 24.9%. Pre-tax income was $335,129 for the three months ended March 31, 2006, compared to a pre-tax income of $915,134 for the same period of 2005, a decrease of $580,005. The decreased pre-tax net income was primarily the result of the unusual profitability of barrier and security work in 2005 related to the Presidential Inauguration. In comparing the Company’s regularly occurring production and sales volumes, SLENDERWALL® production and sales increased significantly during the first quarter of 2006, resulting from growing customer acceptance and continued success in expanding the applications and capabilities of SLENDERWALL®. Soundwall and barrier production and sales also remained strong in the first quarter. These increased revenues were offset by increased fuel costs, direct labor, and repairs and maintenance costs, which also contributed to the decreased pre-tax income. As of May 10, 2006 the Company's unaudited production backlog for booked orders was approximately $14,900,000 as compared to approximately $8,700,000 at the same time in 2005. This significant increase was the result of improved economic conditions in the area and management’s decision to apply more resources to selling and marketing. The majority of the projects relating to the backlog as of May 10, 2006 are scheduled to be produced and erected in 2006 or first quarter 2007. Smith-Midland® develops, manufactures, licenses, rents, and sells a broad array of precast concrete products for use primarily in the construction, transportation and utilities industries. Smith-Midland® has two manufacturing facilities located in Midland, VA, and Reidsville, NC. Easi-Set® Industries, a wholly owned subsidiary of Smith-Midland® Corporation, licenses Smith-Midland® developed products throughout North America, Europe, South America, and Australia. Easi-Set® Industries currently has 43 precast concrete product licensees worldwide. This announcement contains forward-looking statements, which involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements. Factors which might cause such a difference include, but are not limited to, product demand, the impact of competitive products and pricing, capacity and supply constraints or difficulties, general business and economic conditions, the effect of the Company's accounting policies and other risks detailed in the Company's Annual Report on Form 10-KSB and other filings with the Securities and Exchange Commission. SMITH-MIDLAND® CORPORATION AND SUBSIDIARIES CONSOliDATED STATEMENTS OF OPERATIONS DATA
Contact: Lawrence R. Crews, CFO (540) 439-3266
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